13D Filing: Etude Capital and Renn Global Entrepreneurs Fund, Inc. (RCG)

---

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

---

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No.   1 )*

---

RENN Fund Inc.

(Name of Issuer)

Common stock, par value $1.00 per share

(Title of Class of Securities)

759720105

(CUSIP Number)

Steven I. Stein

Etude Capital LLC

800 West 22nd, STE 404

Austin, TX 78705

(832) 472-3295

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 6, 2016

(Date of Event which Requires Filing of this Statement)

---

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

---

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

---

---

1	NAME OF REPORTING PERSONS
	Etude Capital LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	WC
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Texas
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			257,000
		8	SHARED VOTING POWER
			0
		9	SOLE DISPOSITIVE POWER
			257,000
		10	SHARED DISPOSITIVE POWER
			0
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	257,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	5.8%
14	TYPE OF REPORTING PERSON
	OO

CUSIP No. 759720105

1	NAME OF REPORTING PERSONS
	Steven I. Stein
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			257,000
		8	SHARED VOTING POWER
			0 (see Item 5)
		9	SOLE DISPOSITIVE POWER
			257,000
		10	SHARED DISPOSITIVE POWER
			0 (see Item 5)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	257,000 (see Item 5)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	5.8%
14	TYPE OF REPORTING PERSON
	IN

CUSIP No. 759720105

1	NAME OF REPORTING PERSONS
	Davenforth Fundamental Investments, LP.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			100,000
		8	SHARED VOTING POWER
			0
		9	SOLE DISPOSITIVE POWER
			100,000
		10	SHARED DISPOSITIVE POWER
			0
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	100,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	2.2%
14	TYPE OF REPORTING PERSON
	PN

CUSIP No. 759720105

CUSIP No. 759720105

1	NAME OF REPORTING PERSONS
	Bradley Roofner
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
		8	SHARED VOTING POWER
			100,000
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			100,000
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	100,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	2.2%
14	TYPE OF REPORTING PERSON
	IN

CUSIP No. 759720105

1	NAME OF REPORTING PERSONS
	Logan Brown
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
		8	SHARED VOTING POWER
			100,000
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			100,000
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	100,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	2.2%
14	TYPE OF REPORTING PERSON
	IN

CUSIP No. 759720105

1	NAME OF REPORTING PERSONS
	Chase Investment Counsel Corp
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
			155,800
		8	SHARED VOTING POWER
		9	SOLE DISPOSITIVE POWER
			155,800
		10	SHARED DISPOSITIVE POWER
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	155,800
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	3.5%
14	TYPE OF REPORTING PERSON
	CO

CUSIP No. 759720105

1	NAME OF REPORTING PERSONS
	Derwood S. Chase Jr.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a)	☒
				(b)	☐
3	SEC USE ONLY
4	SOURCE OF FUNDS
	AF
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)				☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER
		8	SHARED VOTING POWER
			155,800
		9	SOLE DISPOSITIVE POWER
			0
		10	SHARED DISPOSITIVE POWER
			155,800
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	155,800
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	3.5%
14	TYPE OF REPORTING PERSON
	IN

CUSIP No. 759720105

The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.

Item 1.

Security and Issuer

This Schedule 13D relates to the common stock, par value $1.00 per share (the “Common Stock”) of RENN Fund Inc., a Texas corporation (the “Issuer”). The address of the Issuer’s principal executive offices is 8080 N. Central Expressway, Suite 210, Dallas, TX 25206.

Item 2.

Identity and Background

On February 5, 2016 Messrs. Stein, Brown, and Roofner met with the Chief Executive Officer of the Issuer. Communications in various capacities have been ongoing with the CEO of the issuer since that date.

The Reporting Persons intend to continue engaging in a dialogue with members of the Board or management of the Issuer or other representatives of the Issuer. The Reporting Persons may also engage in a dialogue and other communications regarding the Issuer with other stockholders of the Issuer, knowledgeable industry or market observers (including art market participants), or other persons. Any dialogue or communications with any of the foregoing persons may relate to potential changes of strategy and leadership at the Issuer.

The Reporting Persons may also take other steps to increase shareholder value as well as pursue other plans or proposals that relate to, or would result in, any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D, including (i) acquiring a control stake in the Issuer’s shares of common stock, or grouping with any other party or parties to do so, (ii) engaging in an extraordinary transaction, such as a merger, with the Issuer, liquidation of the issuer’s assets, acquiring a material amount of the Issuer’s assets, or grouping with any other party or parties to do either, or (iii) seeking to exert negative control over the important corporate actions of the Issuer, or grouping with any other party or parties to do so, although the Reporting Persons may seek to influence such actions through customary means including presenting its views for consideration to the Issuer, shareholders and other interested parties, privately or publicly, and, if necessary, through the exercise of its shareholder rights including the right to propose new directors for the Issuer’s Board.

The Reporting Persons intend to review their investment in the Issuer’s shares of Common Stock on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional shares of Common Stock or selling some or all of their shares of Common Stock.

Item 5.

Interest in Securities of the Issuer

(b)

A.Davenforth Fundamental Investments LP

(a)

As of the close of business on April 6, 2016, DFI beneficially owned 100,000 Shares.

Percentage: Approximately 2.2%

(b)

1.   Sole power to vote or direct vote: 100,000

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 100,000

4.

Shared power to dispose or direct the disposition: 0

(c)

Past transactions under schedule I.

B.	Davenforth LLC

(a)

Davenforth LLC, as the general partner of DFI, may be deemed the beneficial owner of the 100,000 shares owned by DFI.

Percentage: Approximately 2.2%

(b)

1.   Sole power to vote or direct vote: 100,000

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 100,000

4.

Shared power to dispose or direct the disposition: 0

(c)

Past transactions under schedule I

C.	Etude Capital, LLC

(a)

Etude Capital, may be deemed the beneficial owner of 257,000 shares

Percentage: Approximately 5.8%

(b)

1.  Sole power to vote or direct vote: 257,000

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 257,000

4.

Shared power to dispose or direct the disposition: 0

(c)

Amended transactions under schedule II

D.	Steven Stein

(a)

Mr. Stein, as the managing member of Etude Capital, may be deemed the beneficial owner of the 100,000 Shares owned by Etude Capital LLC..

Percentage: Approximately 5.8%

(b)

1.   Sole power to vote or direct vote: 257,000

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 257,000

4.

Shared power to dispose or direct the disposition: 0

(c)

Amended transactions under schedule II.

E.	Chase Investment Counsel Corp

(a)

As of the close of business on April 6, 2016, Chase Investment Counsel beneficially owned 155,800 Shares.

Percentage: Approximately 3.5%

(b)

1. Sole power to vote or direct vote: 155,800

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 155,800

4.

Shared power to dispose or direct the disposition: 0

(c)

Chase Investment Counsel Corp has not entered into any transactions in the Shares during the past 60 days.

F.	Derwood S. Chase Jr.

(a)

As an agent of Chase Investment Counsel Corp, Mr. Chase may be deemed the beneficial owner of the 155,800 Shares owned by Chase Investment Counsel Corp.

Percentage: Approximately 3.5%

(b)

1. Sole power to vote or direct vote:

2.

Shared power to vote or direct vote: 155,800

3.

Sole power to dispose or direct the disposition:

4.

Shared power to dispose or direct the disposition: 155,800

(c)

Mr. Chase has not entered into any transactions in the Shares during the past 60 days.

(a)

As a managing member of Davenforth LLC, Mr. Roofner may be deemed the beneficial owner of the 100,000 Shares owned by each Davenforth LLC and DFI LP.

Percentage: Approximately 2.2%

(b)

1.   Sole power to vote or direct vote:

2.

Shared power to vote or direct vote: 100,000

3.

Sole power to dispose or direct the disposition:

4.

Shared power to dispose or direct the disposition: 100,000

(c)

Transactions available on Schedule I

H.	Logan Brown.

(a)

As a managing memeber of Davenforth LLC, Mr. Brown may be deemed the beneficial owner of the 100,000 Shares owned by each Davenforth LLC and DFI LP.

Percentage: Approximately 2.2%

(b)

1.  Sole power to vote or direct vote:

2.

Shared power to vote or direct vote: 100,000

3.

Sole power to dispose or direct the disposition:

4.

Shared power to dispose or direct the disposition: 100,000

(c)

Transactions available on Schedule I

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13D as Exhibit 1, with respect to the joint filing of this Schedule 13D and any amendment or amendments thereto.

The Funds may, from time to time, enter into and dispose of cash-settled equity swap, stock-settled equity swap, option or other derivative transactions with one or more counterparties that are based upon the value of shares of Common Stock, which transactions may be significant in amount. The profit, loss and/or return on such contracts may be wholly or partially dependent on the market value of the shares of Common Stock.

Other than as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other person with respect to the securities of the Issuer.

Item 7.

Material to be Filed as Exhibits

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CUSIP No. 759720105

This Schedule sets forth information with respect to each purchase and sale of Shares which was effectuated by a Reporting Person during the past sixty days, inclusive of any transactions effected through 8:30 a.m., CST, on April 7, 2016. Unless otherwise indicated, all transactions were effectuated in the open market through a broker. The Follow transactions for Etude Capital were previously unreported and serve as amendment to original 13D.

 Etude Capital

 Davenforth Fundamental Investments LP

CUSIP No. 759720105

INDEX TO EXHIBITS

---